In the midst of a pandemic crisis, Where local businesses are still struggling to recuperate from an economic recession, many people across the COVID19 affected countries have come in solidarity to support their local businesses. For the past few days, Buy Local & Support Local Businesses are ubiquitous all over the social networking sites. The recent trend of buying local is not new to us. Small and medium businesses have long been advocating the significance of shopping local products and opting for local services.
Being an ardent supporter and a strong advocate of the Local businesses, Voice of Local Business feels obliged to make our readers aware of the advantages of supporting local businesses at these trying times.
The numerous benefits that attribute to spending your money on the local market are:
Improves the wealth of Local Economy
By shopping at the local stores, you are contributing to the growth of your local economy. The local market determines the local economy, which relies on the support of residents of its town/city. The shuttered stores are now reopening their doors for business. It is the right time for us to lend a helping hand. Moreover, it gives the strength to the local enterprises to compete with the corporates in the local market.
Development of your own community
One of the most intended aspects of asking people to buy local products is for the development and welfare of their neighborhood in all means. The trust and rapport built through local businesses have a lasting effect on the population than any other corporates. The local/small business impact the community much more than anything else. Growth in terms of infrastructure and economy enhances the standards of living in a city. And it is made possible with the success of local businesses.
As a part of the community development, Small/Local businesses create job opportunities for the local population. It curbs the migration of people to big cities in search of employment. It also reduces the unemployment rate in the locality.
Unlike big corporates, Local businesses have a lesser ecological footprint. Most of the local enterprises do not have the necessity to build warehouses, as their raw materials are locally sourced. It also reduces transportation needs, thus reducing pollution as well as the use of non-biodegradable materials.
Increase in the Tax Base
With a lot of money circulating in the local market, it produces higher tax returns to the local government. It is one of the factors that improve the local economy and GDP.
Whether it is pandemic or not, Supporting local businesses would always yield a good fortune for the locals. A lot of people have come in support of consuming locally produced products and goods during this pandemic. Let’s make it mandatory even after the COVID19 induced recession ends. That way, we can build a beautiful ecosystem for small businesses to grow.